Nyrada Inc Annual Report 2020

NYRADA INC (ASX:NYR) 50 25. Related party transactions a) Key Management personnel Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity, are considered key management personnel. For details of disclosures relating to key management personnel, refer to the remuneration report contained in the directors’ report and note 24. b) Other related party transactions Mrs Prue Kelly was employed on a part time basis by the Group in the role of Executive Assistant and Investor Relations Manager effective 1 March 2020. Mrs Kelly is the spouse of Director Graham Kelly. During the financial year ending 30 June 2020, Mrs Kelly was remunerated $31,025 (inclusive of superannuation) at market rates. As at 30 June 2020 the Group had a loan from a related party, Noxopharm Limited of $342,322 (2019: $1,839,802) as disclosed in Note 8. During the year ended 30 June 2020 the Group issued 12,000,600 performance shares to Noxopharm Limited as an associate. Refer to Note 11(c) for details. 26. Commitments and contingencies There are no significant commitments and contingencies at balance date in the current or prior reporting periods. 27. Financial instruments a) Capital management The Group manages its capital to ensure entities in the Group will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchanged from 2019. The Group is not subject to any externally imposed capital requirements. Given the nature of the business, the Group monitors capital on the basis of current business operations and cash flow requirements. b) Categories of financial instruments Consolidated 2020 2019 $ $ Financial assets Cash and cash equivalents 5,146,169 1,102,397 Trade and other receivables 1,078,845 6 6,225,014 1,102,403 Financial liabilities Trade and other payables 696,883 2,124,165 Convertible Notes - 3,930,351 696,883 6,054,516 The fair value of the above financial instruments approximates their carrying values.